§ 4-805
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/md/housing-and-community-development/4-805A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–805.
The Department may:
(1)contract for services related to the Program;
(2)contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel;
(3)require payment of a nonrefundable application fee;
(4)purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under it, and appropriate Program directives; and
(5)without approval or execution by the Board of Public Works:
(i)assign a mortgage for value;
(ii)release a mortgage;
(iii)foreclose a mortgage;
(iv)acquire property that secures a loan in default;
(v)encumber, sell, or otherwise dispose of property acquired in connection with a loan in default;
(vi)sell a loan at a discount or on other terms acceptable to the Department;
(vii)transfer to the Fund money received on the sale of a loan under item
(vi)of this item; and
(viii)repurchase or pay the cost of servicing a loan that has been sold under item
(vi)of this item with money in the Fund and on terms acceptable to the Department.